Washington, D.C. -— Rep. Bob Etheridge (D-Lillington) voted to support more than a million American jobs and provide middle class families with more tax cuts as the U.S. House passed H.R. 4213, “The American Jobs & Closing Tax Loopholes Act.”
“Although we’re making progress in boosting job growth in North Carolina, my number one priority remains jobs, jobs, jobs,” Etheridge said. “This bill puts middle class families and small businesses first, and makes sure that Wall Street billionaires pay their fair share on their income taxes.”
The American Jobs and Closing Tax Loopholes Act will support more than a million American jobs by helping restore credit to small businesses, extending the Research and Development Tax Credit, rebuilding American roads and bridges, and providing tax relief for millions of middle class American families. The bill also extends unemployment benefits for Americans who lost their jobs through no fault of their own, waives fees for small business loans and provides disaster relief North Carolina poultry farmers.
The tax benefits to middle class Americans, including property tax deductions, state and local sales tax deductions, and college tuition deductions, are paid for by closing the tax loopholes that big businesses have exploited to ship jobs overseas and that allowed Wall Street billionaires to pay a much lower tax rate on their income. The bill also promotes corporate accountability for the oil industry, boosting the amount oil companies must pay into the Oil Spill Liability Trust Fund — so taxpayers are never stuck with the bill for the risky practices of the industry.
“This bill is about whose side you’re on,” Etheridge said. “I’m on the side of middle class families: for providing tax benefits for the middle class, closing loopholes that encourage businesses to send good jobs overseas and building the foundation for a strong economic recovery.”
The bill’s provisions have broad support by over 125 key organizations, unions and non-profits, including the U.S. Conference of Mayors, AARP, the American Farm Bureau, the National Restaurant Association, and businesses in the R&D Tax Credit Coalition.